July 19, 2016 |
What does Boston have that Philly lacks? Merck told workers last week it was moving more than 300 jobs out of Montgomery County and New Jersey, and "increasing our investment in areas where biomedical research is converging, specifically in Cambridge, Mass. " Adderall maker Shire Plc moved more than 500 jobs from Chester County to Massachusetts last year because "Boston is a biotech center," a spokeswoman said. AstraZeneca has demolished labs and sold the former high-rise tower and South Campus at its U.S. headquarters just north of Wilmington, and is building its Innovative BioHub next to Cambridge.
July 11, 2016 |
Stephen Zarrilli, 55, needs a lot of patience or nerves of steel, or both. Zarrilli heads Safeguard Scientifics Inc., the firm that made its reputation in the 1990s as Philadelphia's answer to Silicon Valley's venture capital giants, pouring hundreds of millions of dollars into tech start-ups. When the tech bubble burst in 2000, it crushed Safeguard's stock and forced Safeguard's founder, Warren "Pete" Musser, to retire. These days, Zarrilli, who joined Safeguard in 2008 and became CEO in 2012, leads a more modest firm, investing tens of millions, not hundreds.
February 19, 2016 |
Campbell Soup Co. has committed $125 million to new venture capital fund, with the goal of investing in startups that are transforming the food industry from farms to home delivery, the Camden company's chief executive officer told analysts Wednesday. Denise Morrison, the CEO, said that since 2010 about 400 startups in the food industry had received about $6 billion in venture-capital funding. "To date our participation in that space has been limited," she said, citing Campbell's unspecified investment in Juicero Inc., a startup developing a new technology for juicing fruits and vegetables, according to a 2014 patent application.
September 4, 2015 |
DecisionSim Inc. of Chadds Ford received $1.85 million from investors in its initial round of fundraising, the company said Wednesday. Rittenhouse Venture, a Philadelphia venture capital firm, contributed $1.5 million and Ben Franklin Technology Centers of Southeastern Pennsylvania invested $385,000. DecisionSim, which was founded in 2010, will use the money to expand its workforce and contractors from 25 to 35 or 40 and to pay for technology upgrades, said chief executive Bob Yayac.
August 7, 2015 |
iPipeline, a life-insurance and financial-services software maker based in Exton, has been sold to Thoma Bravo L.L.C., a private-equity firm with offices in San Francisco and Chicago, the companies announced Wednesday. The price was not disclosed. iPipeline, founded in 1995, employs more than 400 and had $60.7 million in revenue in 2013, according the 2014 Inc. 5000 ranking of fast-growing companies. The sellers were venture-capital firms NewSpring Capital, of Radnor; Technology Crossover Ventures, of Palo Alto, Cal.; and Volition Capital, of Boston.
July 16, 2015 |
By Harold Brubaker Picwell, a Philadelphia start-up with a system that analyzes 900,000 variables to help consumers evaluate health insurance plans, said it completed its first significant round of venture capital financing, raising more than than $4 million. The lead investor was MassMutual Ventures, the corporate venture capital arm of Massachusetts Mutual Life Insurance Co., of Springfield, Mass. Picwell, founded in late 2013, can help employees choosing between different plans offered by their employer save the equivalent of one paycheck per year, Picwell CEO Jay Silverstein, said in an interview last month.
February 11, 2015 |
Venture-capital funding of drug research and development has shifted in recent years to specialty and rare-disease medicines, according to a report released Monday by BIO, the biotechnology trade organization. Those medicines often carry high price tags that insurers have thus far fought less than some other drugs because there are no or few alternatives. "VCs will pull back from areas that are seen as having unfavorable or unpredictable regulatory and reimbursement hurdles," the BIO report said.
September 18, 2014 |
TRENTON - The director of the agency that manages New Jersey's $80 billion pension fund confirmed Tuesday that the state had sold its stake in a fund managed by a venture-capital firm with ties to a prominent Massachusetts Republican, months after the investment drew scrutiny over pay-to-play concerns. The state earlier this month sold its interest, valued at $12.7 million, in General Catalyst Group VI for $14.1 million in cash to Washington University in St. Louis, the Treasury Department said.
January 19, 2014 |
Venture capitalists invested $420.3 million in Philadelphia-area companies last year, up 1.2 percent from the year before, according to the MoneyTree Report by PricewaterhouseCoopers L.L.P. and the National Venture Capital Association. The report, released Friday and based on data from Thomson Reuters, also showed that venture capitalists nationally invested $29.4 billion in 3,995 deals, a 7 percent increase in dollars and a 4 percent increase in deals. Locally, the number of companies receiving venture capital equity investments increased 9.9 percent to 122 from 111. In the fourth quarter, 34 Philadelphia-area companies received $81.6 million in investments.
November 4, 2013 |
Philadelphia's salesman-in-chief launches his international pitch Sunday at London's iconic Savoy Hotel, which boasts itself as "brilliantly reinvented for the 21st century. " That's not quite Mayor Nutter's claim for Philadelphia, but not terribly far from it. For the next eight days, first in London and then Tel Aviv, Nutter and a small armada of area agencies, boosters, and businesses will sell Philadelphia as a world-class city open, as the mayor says, for business. Nutter and his contingent, among other things, are looking to persuade overseas companies to expand to Philadelphia and consider partnerships and sales agreements with firms in the area.